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MACA operations director Geoff Baker. Picture: John Mokrzycki/The West Australian.
MACA operations director Geoff Baker. Picture: John Mokrzycki/The West Australian.

UPDATE 2.20pm: Shares in MACA were higher after the mining contractor announced a new $90 million contract and said its full-year net profit would "comfortably exceed" last year's figure of $49.5 million.

MACA said the contract with Karara Mining over its Hinge direct shipping ore project in the Midwest would involve open pit mining services including drilling and blasting and loading and hauling as well as crushing and screening.

Operations director Geoff Baker said it was pleasing to have again secured a new contract against a backdrop of lower prices for iron ore and a competitive market.

Karara Mining is a joint venture between Gindalbie Metals and China's AnSteel Group.

MACA also said it expected to exceed last year's profit for the year ended June 30 and forecast full-year 2015 revenue to exceed $600 million.

"Despite a continued suppressed operating environment, MACA continues to perform well across its mining and civil projects," the company said in a statement.

The company also confirmed the appointment of Chris Tuckwell as managing director and chief executive and the retirement of non-executive director Joe Sweet.

MACA said executive director and chief financial officer Ross Williams would move to the role of non-executive director and be replaced by company secretary Peter Gilford.

"MACA will continue to consider the composition of the board to ensure a suitable mix of skills, experience and independence," the company said.

MACA shares closed up eight cents, or 4.1 per cent, at $2.03 at 8.45am while Gindalbie shares were steady at 5.9 cents.

The West Australian

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